A startup that began its journey in India 15 years ago is helping companies reach and engage their users through text messages that they have gained unicorn status on Thursday and are also making a profit.
San Francisco-based Gupshup has raised $ 100 million from Tiger Global Management in a Series F funding round. It valued a 15-year-old startup at $ 1.4 billion.
The startup operates a conversational messaging platform that is used by more than 100,000 businesses and developers today to build their own messaging and conversational experiences to serve users and customers. ..
GupshupHaving raised $ 150 million to date and completed the Series E round in 2011, clients say they send over 6 billion messages each month.
“Increasing business use of messaging and conversational experiences is an exciting long-term trend that is transforming the touchpoints of virtually every customer,” said John Curtius, a partner at Tiger Global Management, in a statement. .. “Gupshup is in a unique position to win in this market with its differentiated products, clear and sustainable moats and a proven and experienced team. In addition to market leadership, the size of Gupshup A unique combination of growth and profitability has fascinated us. “
But tens of millions of users in India, including you, remember Gupshup for another reason. Gupshup was best known for allowing Indian users to send group messages to their friends for the first six years of its existence. (these Cheap texts and other clever techniques Ten years ago, tens of millions of Indians were able to keep in touch with each other over the phone. )
Beerud Sheth, co-founder and CEO of Gupshup, told TechCrunch in an interview.
“Gupshup was subsidizing messages for the service to work. We were paying mobile operators. With the idea of scaling up and advertising in those messages. Simply put, as the volume of messages increased, operators thought they would lower prices, but they didn’t. And regulators said they couldn’t place ads in messages. “He recalled.
At that time, Gupshup decided to pivot. “We couldn’t subsidize the message or monetize our user base. But we had all this advanced technology for high-performance messaging, so we switched from the consumer model to the enterprise model. That’s why we started serving banks, e-commerce companies, and airlines that needed to send high-level messages and could afford to pay for them, “said Elance, a freelance workplace in 1998. Said Sheth, who co-founded.
Sheth said many of the world’s leading companies in areas such as banking, e-commerce, travel and hospitality are among Gupshup’s clients. These companies use Gupshup to send use cases such as transaction information and authorization codes to their customers. “These are not advertising or promotional messages. These are core service information,” he said.
With an annual run rate of $ 150 million, the startup plans to use its new capital to expand its product offerings and bring court to clients in more markets. Sheth said similar use cases seen in India 10 years ago are being deployed in many emerging markets, paving the way for business messaging platforms to grow.
“Gupshup’s mission is to build tools that help businesses engage with their customers through mobile messaging and conversational experiences. As we work towards our mission, we define innovative and categorical categories around the world. Given the incredible track record of making bold and successful bets on companies, we are pleased with this investment from Tiger Global, “he said.
Messaging platform Gupshup raises $100 million at $1.4 billion valuation – TechCrunch Source link Messaging platform Gupshup raises $100 million at $1.4 billion valuation – TechCrunch